Amigo Loans share price crashes over 25 percent as it admits it faces insolvency | City & Business | Finance
Whilst the details are not yet public Chief Executive Gary Jennison said: “We’re pleased the New Business Scheme, contingent on new lending restarting and a successful equity raise, will offer a markedly better cash contribution compared to the original Scheme developed a year ago.
“Obviously a lot has changed in the last twelve months and the increased contribution is largely driven by the clarity we now have around our future business model and the level of collections and impairments.
“Fortunately for customers the impact of Covid has been far less severe than we, and the market, thought when forecasts were made in the eye of the storm.”
Amigo previously came to dominate the payday lending market after leading lender Wonga was banned by the FCA.